Ulta Beauty (NASDAQ:ULTA) Price Target Cut to $350.00

Ulta Beauty (NASDAQ:ULTA) had its price objective lowered by Wells Fargo & Company from $450.00 to $350.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has an underweight rating on the specialty retailer’s stock.

Other research analysts have also issued reports about the stock. UBS Group boosted their price target on shares of Ulta Beauty from $575.00 to $690.00 and gave the stock a buy rating in a research note on Tuesday, March 5th. Robert W. Baird raised their target price on Ulta Beauty from $575.00 to $625.00 and gave the company an outperform rating in a report on Friday, March 15th. Evercore ISI lowered their price target on shares of Ulta Beauty from $656.00 to $635.00 and set an outperform rating on the stock in a research note on Friday, March 15th. TD Cowen cut their price target on shares of Ulta Beauty from $580.00 to $520.00 and set a buy rating for the company in a report on Thursday, April 18th. Finally, DA Davidson reissued a buy rating and set a $595.00 price objective on shares of Ulta Beauty in a report on Friday, March 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $556.52.

Ulta Beauty Stock Down 0.4 %

ULTA opened at $406.39 on Wednesday. The business has a 50 day moving average price of $500.18 and a two-hundred day moving average price of $468.88. Ulta Beauty has a 52 week low of $368.02 and a 52 week high of $574.76. The company has a market cap of $19.48 billion, a PE ratio of 15.60, a P/E/G ratio of 1.67 and a beta of 1.30.

Ulta Beauty (NASDAQ:ULTA) last released its quarterly earnings results on Thursday, March 14th. The specialty retailer reported $8.08 EPS for the quarter, topping the consensus estimate of $7.49 by $0.59. Ulta Beauty had a return on equity of 61.64% and a net margin of 11.52%. The business had revenue of $3.55 billion during the quarter, compared to analysts’ expectations of $3.53 billion. During the same quarter in the prior year, the business earned $6.68 earnings per share. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, sell-side analysts expect that Ulta Beauty will post 26.55 EPS for the current fiscal year.

Ulta Beauty declared that its Board of Directors has authorized a share buyback plan on Thursday, March 14th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the specialty retailer to reacquire up to 7.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity at Ulta Beauty

In other Ulta Beauty news, insider Anita Jane Ryan sold 3,102 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $525.25, for a total transaction of $1,629,325.50. Following the completion of the sale, the insider now directly owns 2,705 shares in the company, valued at $1,420,801.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Anita Jane Ryan sold 3,102 shares of the firm’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $525.25, for a total value of $1,629,325.50. Following the transaction, the insider now owns 2,705 shares of the company’s stock, valued at approximately $1,420,801.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Catherine Ann Halligan sold 500 shares of Ulta Beauty stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $526.26, for a total transaction of $263,130.00. Following the transaction, the director now owns 1,665 shares in the company, valued at approximately $876,222.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,552 shares of company stock worth $12,920,326. 0.34% of the stock is owned by insiders.

Institutional Investors Weigh In On Ulta Beauty

Several hedge funds have recently modified their holdings of the stock. Morgan Stanley grew its position in Ulta Beauty by 56.7% in the third quarter. Morgan Stanley now owns 1,538,533 shares of the specialty retailer’s stock valued at $614,568,000 after acquiring an additional 556,809 shares in the last quarter. Northern Trust Corp increased its stake in Ulta Beauty by 3.9% during the 3rd quarter. Northern Trust Corp now owns 575,658 shares of the specialty retailer’s stock worth $229,947,000 after buying an additional 21,828 shares during the period. Invesco Ltd. increased its stake in Ulta Beauty by 6.2% during the 3rd quarter. Invesco Ltd. now owns 570,913 shares of the specialty retailer’s stock worth $228,051,000 after buying an additional 33,508 shares during the period. Norges Bank acquired a new position in Ulta Beauty in the 4th quarter worth $263,192,000. Finally, TD Asset Management Inc boosted its position in Ulta Beauty by 177.8% in the 4th quarter. TD Asset Management Inc now owns 407,347 shares of the specialty retailer’s stock valued at $199,596,000 after buying an additional 260,740 shares during the last quarter. 90.39% of the stock is currently owned by hedge funds and other institutional investors.

Ulta Beauty Company Profile

Ulta Beauty, Inc operates as a specialty beauty retailer in the United States. The company offers branded and private label beauty products, including cosmetics, fragrance, haircare, skincare, bath and body products, professional hair products, and salon styling tools through its Ulta Beauty stores, shop-in-shops, Ulta.com website, and its mobile applications.